Mediaset, the media group of Silvio Berlusconi, has a stake of almost 10 percent in its German counterpart ProSiebenSat.1. According to CEO Pier Silvio Berlusconi, son of the Italian former prime minister, it is a ‘friendly’ investment that is focused on the long term.

The Italians have been trying to expand on the European television market for a while. Mediaset is currently struggling with a weak advertising market. The company also focuses on fending off competition from streaming service Netflix. ProSiebenSat.1 is the company behind channels such as Kabel eins, Sat.1 and ProSieben. The Germans, in turn, want to increase their digital activities more, for example by putting money into a new streaming platform.

Exactly how much money is involved in the deal has not been brought out. The interest was worth around 340 million euros on the stock exchange. After the news, the share price of ProSiebenSat.1 went up nearly 6 percent, while Mediaset increased by more than 2 percent on Wednesday at the opening of the market.

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